Home >> Cyclopedia-of-law-vol-6 >> Or Supra Protest Acceptances to Writers On Negotiable Instruments >> Who May Draw Checks

Who May Draw Checks Against Deposits


WHO MAY DRAW CHECKS AGAINST DEPOSITS. The depositor or his authorized agent should execute the check. A firm deposit may be checked against by any one of the active partners by signing the firm name. A num ber of persons, not partners, having a deposit to their joint credit, must all unite in drawing checks against it, otherwise if the deposit is to their joint and several credit. (Morse-on Banking, 266.) This rule is applicable to cases where two or more trus tees deposit trust funds, but not to personal repre sentatives, any one of whom may draw against funds of the decedent's estate. (Allen v. Dundas, 3 T. R. , 125.) A deposit by an individual as a trust fund cannot be held for his private debt to the bank. (Cent. Natl. Bank v. Ins. Co., too U. S., 54.)